Business
Webco Industries, Inc. Reports Fiscal 2019 First Quarter Results
Webco Industries, Inc. Reports Fiscal 2019 First Quarter Results.
About this update from Webco Industries, Inc.
[{"type":"text","content":"\n \n Webco Industries, Inc. (OTC: WEBC) today reported results for our first \n quarter of fiscal year 2019, ended October 31, 2018.\n \n \n For our first quarter of fiscal year 2019, we generated net income of \n $9.8 million, or $10.47 per diluted share, while in our first quarter of \n fiscal year 2018, we generated net income of $3.0 million, or $3.31 per \n diluted share. Net sales for the first quarter of fiscal 2019 were \n $137.0 million, a 19.9 percent increase over the $114.3 million of net \n sales in last year’s first quarter. Improved profitability has resulted \n from a stronger industrial economy and innovation in our product \n offerings.\n \n \n In the first quarter of fiscal year 2019, we generated income from \n operations of $13.9 million, after depreciation of $3.3 million. The \n first fiscal quarter of the prior year generated income from operations \n of $5.7 million, after depreciation of $3.0 million. Gross profit for \n the first quarter of fiscal 2019 was $24.2 million, or 17.7 percent of \n net sales, compared to $13.9 million, or 12.2 percent of net sales, for \n the first quarter of fiscal 2018.\n \n \n Dana S. Weber, Chief Executive Officer and Chairman, commented, “We \n believe that we have a highly dedicated and engaged workforce, which \n continues to create value and improve our results. The domestic \n industrial and energy economies remain strong, and we continue to \n benefit from our process and product innovations. We also continue to \n benefit from the April 2017 trade case covering certain cold drawn \n mechanical tubing and rising steel prices due in part to the higher \n domestic demand for steel products and the Section 232 Investigation and \n proposed tariffs and quotas. We are continuing to invest in our people \n and compelling technologies, both of which we consider core strengths. \n We have repurchased $2.2 million of our common stock in private \n third-party transactions over the last two fiscal quarters, and \n currently have a $10 million stock repurchase program in place.”\n \n \n Selling, general and administrative expenses were $10.3 million in the \n first quarter of fiscal 2019 and $8.1 million in the first quarter of \n fiscal 2018. SG&A expenses reflect increased costs associated with \n higher business levels and profitability, such as comp...